Director Shareholding

Scottish American Investment Co PLC
15 January 2003



Schedule 11 - Notification of interests of Directors and Connected Persons

1 Name of company:

The Scottish American Investment Company Plc (SAINTS)

2 Name of director:

Mr William Berry

3 Please state whether notification indicates that it is in respect of holding
of the director named in 2 above or holding of that person's spouse or children
under the age of 18 or in respect of a non- beneficial interest:

Spouse

4 Name of registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified):



5 Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s):



6 Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary:

Mr Berry is only notified annually of transactions effected through SAINTS PEP
Schemes. The Scheme invests in SAINTS and other companies' shares which are
selected by the Plan Managers and the purchases noted have been financed by the
receipt of dividends / interest into the Scheme.

7 Number of shares/amount of stock acquired:

190 Ordinary shares on 11th January 2002 at £1.95
22 Ordinary shares on 27th February at £1.89
189 Ordinary shares on 5th April at £1.985
22 Ordinary shares on 27th May at £1.92
226 Ordinary shares on 5th July at £1.68
27 Ordinary shares on 28th August at £1.56
296 Ordinary shares on 11th October at £1.29
33 Ordinary shares on 30th December at £1.31


8 Percentage of issued class:



9 Number of shares/amount of stock disposed:



10 Percentage of issued class:



11 Class of security:

Ordinary 25p shares

12 Price per share:

As above

13 Date of transaction:

As above

14 Date company informed:

14th January 2003

15 Total holding following this notification:



16 Total percentage holding of issued class following this notification:



If a director has been granted options by the company, please complete the
following fields:

17 Date of grant:



18 Period during which or date on which exercisable:



19 Total amount paid (if any) for grant of the option:



20 Description of shares or debentures involved: class, number:



21 Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise:



22 Total number of shares or debentures over which options held following this
notification:



23 Contact name for queries:

Shona Darling of First State Investment Management (UK) Limited

24 Contact telephone number:

0131 473 2200

25 Name of company official responsible for making notification:



Additional Information:




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